Hey BP! I am a new member/forum lurker who is looking to make some connections and gather some insight or thoughts on what I should do as far as my next steps in my real estate game.
A little about me: right now I am a full time engineer (29 yrs old) and I have bought a couple properties over the past two years for renting out.
Property 1: 3 Br 2 Ba condo, Purchased for $167k, Owe $138k, Rents: $2100 / mo.
Property 2: 4 Br Single Family (older home, worth ~$390k once updated), I live in the basement & rent upstairs, Purchased for $300k in May, Owe $284k, Rents: $2300 / mo.
Mortgage payments total $3,600 / mo so I am up ~$4-500 / mo total on both places. I have two mortgages now and in order to expand I am not sure how I could get more funding. I would like to purchase another 4Br single family to rent out or perhaps a multifamily unit. My end goal is to create ~10-15k / mo in passive income from single family homes/multifamily units/potentially condos- although I'd prefer to avoid associations. My thought is that once I can get one mortgage eliminated then the freed up cash flow will help to pay off the additional mortgage(s) much quicker eventually eliminating all debt, creating more cash flow.
Just looking for advice on potential next steps, thoughts on how I can expand my portfolio. I am recouping my savings and doing some improvements on the single family house for the remainder of the year but should be in a position to acquire another property next year.
Thanks in advance for the insight! I'm new to this real estate game but it seems to be like a great business to be in! I'm in the Schaumburg area so if you'd like to connect feel free to reach out. I'm looking to learn as much as I can about REI!
Mitch
